Iraq is in talks with Iran to allow some of its oil tankers to pass through the Strait of Hormuz, the country’s oil minister confirmed. The strait, a vital shipping route that normally handles about a fifth of the world’s oil, has been largely closed to vessels from most nations following the outbreak of conflict in the region.

Crude oil is critical to Iraq’s economy, accounting for roughly 90% of the country’s budget revenues. Before the war began on February 28, Iraq exported around 3.5 million barrels per day from its Basra fields in the south via the strait.

Oil Minister Hayan Abdel Ghani said the government is providing Iranian authorities with details of the vessels, including their names, owners, and affiliations, as part of the approval process. He emphasized that this step is essential to resume Iraq’s oil exports.

The ongoing closure of the Strait of Hormuz has added pressure to global oil markets, with Iraq among several nations facing disruptions due to the regional conflict.